You are here

Pebble stakeholder's CEO: 'No interest' in open-pit design

According to Dow Jones Newswire (via Fox Business), the chief executive of a stakeholder in the proposed Pebble mine told shareholders at an annual meeting in London that he doesn't support developing the resource as an open pit mine, which is the current proposal.

"I'm interested in looking at it from an underground perspective; I have no interest in looking at it from an overground perspective," Rio Tinto's Tom Albanese told shareholders on Thursday. "An open pit mine is not the way to go ... in my opinion," he added.

Rio Tinto owns 19.16-percent equity share in Northern Dynasty Minerals, which is an equal partner with Anglo-American PLC in the proposed project.

The Pebble deposit is thought to be one of the world's largest deposits of copper, gold and molybdenum. It has been the subject of strong opposition since it was first proposed, on the grounds that it would pose an unacceptable environmental risk to the Bristol Bay region, particularly its valuable fisheries.